The Rise of Corporate China and Chinese Companies' Overseas Investments
Mr. Wang is a current member of Ernst & Young’s Global Advisory Council. He advises Ernst & Young Americas leadership in formulating and prioritizing emerging market strategies and leads a task force to design and implement area-wide networks to better service inbound and outbound clients. He has more than 22 years of experience with Ernst & Young and his technical training is grounded in the tax areas of mergers and acquisitions, reorganizations and spin-offs. He has served U.S. and foreign multinationals, China 500 state-owned companies, private equity funds, and sovereign wealth funds on transactions. Additionally, Mr. Wang has served as an adjunct tax professor teaching consolidated return regulations and corporate reorganization courses in the M.B.T. program at Golden Gate University and has given corporate tax presentations in numerous forums. He is a certified public accountant in the state of California and received his B.S. and M.B.T. degrees from USC.
In this lecture, speaker C.Y. Wang elaborated on the rise of corporate China and the 12th Five Year Plan. He discussed the increase of China’s global fortune 500 companies over the span of seven years (from 2005 to the present) and how those numbers compare with various other successful countries including the U.S. He explained that not only are these numbers significant now, but that they are cause for other major corporations outside of China concerned with their own success, and development of strategies to compete. Mr. Wang also described the U.S trends and patterns of development and diminishment in their fortune 500 companies, and how this data relates to China’s continuous rise. He mentioned the top ten companies in the world, three of which, being Chinese: Sinopec Group, China National Petroleum, and Sate Grid. More of the fortune 500 companies are mentioned and described by Mr. Wang as he emphasized China’s leaps and bounds in the development of industry, summarizing China’s sixty-one fortune 500 companies as “old-economy”. He stated that forty-eight of these are central government or state owned companies, telling us that the difference between corporate China and corporate America, is state capital. Relating it to sports, Mr. Wang described China’s success as coming from their excessive “practice” when it comes to engineering, and their theories made into material results, compared to multiple other countries that have lacked continuous development and growth, simply holding firm to their ideas. The last main point he focused on, was China’s 12th FYP aimed at transforming the economy. One branch off of this was to transform the existing traditional manufacturing base. The other was to incubate and develop the emerging industries. Mr. Wang concluded that in order to become a global company, the company must first build itself up into one that is big.
Wang, C.Y., "The Rise of Corporate China and Chinese Companies' Overseas Investments" (2012). Y.B. Min Lecture Series. 32.